- MELANIA faces a bearish trend with $2.30 as the key support level.
- RSI at 20.36 signals oversold conditions, hinting at a potential rebound.
- Break above $2.67 could trigger a bullish shift in market momentum.
The price of MELANIA token has been a topic of interest for many investors and traders. With the end of the lock-up period fast approaching, market participants are wondering how this will affect the token’s value. The release of previously locked tokens could lead to increased supply and volatility, which may influence MELANIA’s price direction.
Price Trends and Support Levels
At the time of writing, MELANIA is priced at $2.48, reflecting a 4.18% drop in the last 24 hours. The token has shown a consistent decline, falling from an intraday high of $2.67 to its current price. This decline has raised concerns about further price drops, particularly as it tests key support levels.
The first line of defense lies at $2.30, just below the current price. If this level fails to hold, the next significant support is found at $2.20. A further drop could lead to $2.00, a psychological support zone that may attract buying interest. Hence, traders should watch these levels closely to gauge whether MELANIA can stabilize or if further downside is expected.
Resistance Levels and Market Outlook
On the upside, the first resistance is $2.50, a level that briefly halted price action earlier in the day. A breakout above $2.50 would open the door to $2.67, the most recent intraday high.
If the price manages to surpass this, a stronger resistance level emerges at $2.75. Achieving this mark would suggest a shift in momentum toward bullish territory. However, unless the price breaks above $2.67, the market is likely to remain subdued in the near term.
Technical Indicators and Market Sentiment
The current market sentiment is largely bearish, as indicated by the sharp price decline and reduced trading volume. The RSI stands at 20.36, signaling oversold conditions. This suggests the possibility of a short-term price rebound, depending on investor sentiment.
Additionally, the MACD continues to reflect bearish momentum, as the MACD line remains below the signal line. Weak histogram bars indicate that selling pressure is easing, but a clear trend reversal has yet to materialize.